Spain Down The Drain – 20% Unemployment

People keep talking about the bond market in Europe.  They should also be checking out the jobs market.  Spain isn’t growing.  Her unemployment is rising, and is already at 20%.  The unemployed are entitled to benefits for 24 months.  Millions will soon find themselves without any means of support.

Prime Minister Jose Luis Rodriguez Zapatero announced Wednesday that a special payment of 426 euros ($560) a month for people who have exhausted their 24-month entitlement to unemployment benefits will end in February.
The elimination of the jobless aid is part of a package of measures to boost the economy while also curbing government spending.

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